affordable · 2019. 10. 1. · cbre affordable housing combines investment sales, advisory,...

AFFORDABLE HOUSING

CAPABILITIES OVERVIEW

CONTENTS

2 TEAM OVERVIEW

3 REPRESENTATIVE TRANSACTIONS MAP

4 AFFORDABLE HOUSING OVERVIEW

5 THE POWER OF CBRE AFFORDABLE HOUSING

6 INVESTMENT PROPERTIES

7 DEBT AND STRUCTURED FINANCE

8 CBRE BUSINESS ACTIVITY STATISTICS 2015

9 CORPORATE OVERVIEW

10 CONTACT INFORMATION

CBRE AFFORDABLE HOUSING | 1

2 | CBRE AFFORDABLE HOUSING

TEAM OVERVIEW

CBRE Affordable Housing delivers integrated services and capital for investors in the affordable housing industry. Our team has unmatched experience, industry expertise and market knowledge in affordable housing transactions — all resulting in the ability to create significant value for our clients. Our proprietary market knowledge of affordable housing properties and buyers and sellers across the country gives our clients a competitive edge.

CBRE Affordable Housing’s professionals have an unrivaled understanding of the risks, opportunities, and nuances of properties with affordable restrictions. Our unique platform of specialty professionals provides:

• A one-stop-shop to assure clients that all alternative strategies are evaluated

• Expertise in investment sales, advisory, debt & structured finance, equity placement, and investment banking solutions

• A solution-driven mindset exemplified with each client and every assignment

• A unique ability to execute projects of any size, from single assets to large portfolios

By leveraging the dynamic resources and expertise, both within CBRE Affordable Housing and also the broader CBRE platform, we provide creative solutions and timely services with an intensity of execution for investors in the affordable housing industry.

CBRE Affordable Housing combines investment sales, debt & structured

finance, and investment banking into a fully integrated service offering for clients

in the affordable housing industry.

AFFORDABLE HOUSING OVERVIEW

$12.2B+ Sales & Finance

Transactionssince 2001

National Experience

60+Dedicated

Professionals(Transacted in all 50 states & Puerto Rico)

OREGON$xx,xxx,xxx

NEVADA$xx,xxx,xxx

ARIZONA$xx,xxx,xxx

CALIFORNIA$xx,xxx,xxx

REPRESENTATIVE TRANSACTIONS MAP

1,414Total Closed Transactions

$12.2BTotal Volume

CLOSED TRANSACTION

CURRENTLY LISTED/ESCROW

*As at August 2016




In the United States, the term “affordable housing” is used to describe housing that is affordable no matter what one’s income is. Affordable housing makes up for 20%* of all multifamily housing in the country with over 3.8 million regulated units (including both LIHTC and Section 8 properties). The total real estate value nationwide is estimated to be over $222 billion. Affordable housing remains an attractive asset for investors as the sales volume of LIHTC properties reaching Year 15 continue to grow.

*Properties with 20 or more units

WEST COAST564,228

MOUNTAIN WEST144,884

SOUTHWEST379,730

MIDWEST874,630

SOUTHEAST961,976

NORTHEAST881,609

Over 3.8 million LIHTC and Section 8 Units in Service in the US*

*As of April 11, 2016 per CBRE Affordable Housing Tax Credit Database, including properties with 50 or more units**West Coast includes Alaska and Hawaii

$0

$20B

$40B

$60B

$80B

$100B

$120B

$140B

$160B

$180B

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030*

New Allocations Year 1-9 Year 10-14 Year 15-29 30+

PROJECTED LIHTC ALLOCATIONS

8.47

7.72 7.87

7.36 7.29

6.90

6.466.72 6.68 6.466.53

5.915.81

5.64 5.47

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00

2011 2012 2013 2014 2015

Average LIHTC CAP Rate Class B/C Cap Rate Class A Cap Rate

AFFORDABLE HOUSING UNITS IN THE US

NATIONAL CAP RATES (LIHTC, CLASS A, B/C)


THE POWER OF CBRE AFFORDABLE HOUSING

CBRE Affordable Housing combines investment sales, advisory, financing, and mortgage banking into a single, fully integrated service offering. As the recognized leader in the affordable housing market, our clients have access to complete solutions through our unparalleled offerings in:

• The acquisition and disposition of affordable housing

• Debt and equity placement

• Investment banking

• Valuation and appraisal services

• Research

• PCA, environmental assessments, zoning studies, construction cost & CapEx studies

This unique platform works as a one-stop shop to support all of our client goals.

$2.2B

SALES FINANCING 175 Transactions

$1.605B Sales Total56 Transactions$569M Loan Total

2015 KEY STATISTICS

CBRE AFFORDABLE HOUSING'S UNIQUE, INNOVATIVE, AND INTEGRATED CRM PROVIDES:

• Fully researched database of all regulated affordable housing properties, owners, and buyers with real-time market intelligence

• Capture all transactional data for each sale, financing, and valuation, providing clients with a unique competitive advantage

• Real time knowledge of capital flows, buyer and seller activity

• Team and client knowledge share generated by volume of valuations, listings, and closings

Through education, training, and deep relationships - we provide our clients the information and support

that they need at all phases in the life cycle of an affordable property.


1,209

Properties Valued

$9.5M

Average Transaction Value


» CBRE Affordable Housing's market share is unmatched with 80% of LIHTC properties listed and sold

» Viewed as innovative industry experts and unique source for market data

» Over 400 clients have executed multiple transactions

» Presented more than 5,500 property valuations totalling over $42 billion

» CRM with information such as buyer geographic preferences, bidder types and motivations, as well as current debt types, gives CBRE Affordable Housing the ability to make data-driven decisions and provide reliable market information

CBRE AFFORDABLE HOUSING INVESTMENT SALES HIGHLIGHTS

• AIG Affordable Housing

• Boston Financial Investment Management

• Dominium Development and Acquisition LLC

• Peak Capital Partners

• Highridge Costa Investors

• Boston Capital

• Alden Torch Financial

• CED Companies

• Alliant Capital

• The Related Companies

• Aspen Square Management

• Kettler

• Steadfast Companies

SELECT CLIENTS REPRESENTED INCLUDE:

$157MLargest Single Transaction

$282.5M Largest Portfolio Sale (43 properties across

three states)

5.8 Average number of

offers per sale

• Acquisitions and dispositions

• Advisory services

• Market research

• Portfolio planning

• Property marketing

• Due diligence support

• Transaction Management

• Valuations

INVESTMENT SALES

CBRE Affordable Housing’s Investment Sales team uses our breadth of experience in the affordable housing industy to offer specialized executions, acquisition, and recapitalization services, with industry leading market intelligence. With almost $9.7 billion in closed sales transactions across the nation, our team is unparalled in the affordable housing space. By utilizing market research, a seamless execution process, and in-depth relationships, our professionals anticipate trends and prevent problems before they happen. These unique benefits cement CBRE Affordable Housing as the best choice for results in the affordable housing market. Our services include:

CAPITAL MARKETS OVERVIEW

DEBT AND STRUCTURED FINANCE

CBRE Affordable Housing’s Debt and Structured Finance team is the premier provider of multifamily affordable housing financing. Our fully integrated platform provides seamless direct access to the Fannie Mae and Freddie Mac financing programs.

» Dedicated debt and structured finance team consisting of originations, analysis, underwriting, and closing

» Debt and structured finance services for GSE, life companies, banks, and private equity

» Over $2 billion in financing volume to date since 2012

» Ability to leverage nationwide CBRE appraiser network with extensive database of rent, sales and expense comparisons and cap rates

24%

CBRE AFFORDABLE HOUSING'S DEBT AND STRUCTURED FINANCE HIGHLIGHTS

2012 2013 2014 2015

Count 27 36 42 59

Loan Volume $271,964,001 $380,162,200 $465,768,000 $585,249,336

10

20

30

40

50

60

70

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

CBRE AFFORDABLE HOUSING DEBT EXECUTION VOLUME

FREDDIE MAC

CBRE’s Freddie Mac Seller-Servicer lending platform has been named the top multifamily lender by Freddie Mac since 2009, with a total of $8 billion in 2015. CBRE has been ranked among the top three Freddie Mac lenders every year since 2004.

FANNIE MAE

CBRE Capital Markets became a Fannie Mae DUS lender in April 2008 and since then has completed more than $19 billion in CBRE Fannie Mae debt placement transactions. In 2015, the group closed a total of $4 billion. CBRE has been a top five DUS lender since 2010.

FHA LENDING

CBRE is an FHA-approved direct lender offering the full array of FHA multifamily mortgage insurance programs. In 2015, CBRE closed $380 million in FHA loans.



CBRE BUSINESS ACTIVITY STATISTICS 2015

Countries a Offices b

Coverage

Transactions

SALES LEASING

Employees c

TOTAL TRANSACTION VALUE

ValueTransactions ValueTransactions$310.6B

40048 7 0 0 0,

5.2B SF 147,375$40.8B $135.7B $89.0B $6.7B $42.4B

25,300 $104.4B61,850$206.2B

Property & Corp Facilities

Managed e

Valuation & Advisory

Assignments

LoanOriginations f

LoanServicing

InvestmentAssets UnderManagement

Developmentin Process g

ProjectManagementContract Value

7,125 Sales & Leasing Professionals d

a. excludes 17 countries covered by affiliate officesb. excludes 87 affiliate offices c. excludes approximately 4,150 affiliate employeesd. excludes affiliate sales & leasing professionals; includes approximately 150 mortgage brokerage professionalse. includes apprx. 370 billion sq. ft. managed by affiliate officesf. includes loan sale advisoryg. includes $0.1 billion of Long-Term Operating Assets (projects that have achieved a stabilized level of occupancy or have been held 18-24 months following shell completion or acquisition)

CBRE’S CAPABILITIES EXTEND BROADER AND DEEPER

THAN ANY OTHER REAL ESTATE SERVICES PROVIDER, OFFERING UNPARALLELED TOOLS

AND RESOURCES, LEVERAGE, CREDIBILITY,

MARKET COVERAGE AND LOCAL EXPERTISE.

CBRE CORPORATE OVERVIEW

CORPORATE OVERVIEW

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 372 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Whether it is a local, national or global assignment, CBRE applies insight, experience, intelligence and resources to help clients make informed real estate decisions. The many strengths that CBRE brings to each transaction include:

• An intimate knowledge of virtually every major market in the world

• Intellectual capital and technological resources that develop and deliver superior analytical research and client service tools to its professionals

• A proven track record of meeting diverse client needs

• Leadership positions in all service lines

• An organizational structure that harnesses the firm’s collective expertise

GLOBAL BROKERAGE RANKINGS ALL PROPERTY TYPES* FIRST HALF 2015

Source: Real Capital Analytics. *Based on independent reports of properties and portfolios $10 million and greater.

$60.0

$50.0

$40.0

$30.0

$20.0

$10.0

$0.0

$ Billi

ons

Colliers International

Cushman & Wakefield

Eastdil Secured

Jones Lang LaSalle

$53.5

$37.0

$33.9

$15.4$12.5

2012: Wall Street Journal cites CBRE as the best real estate brand

2013: CBRE acquires Norland Managed Services Ltd, the leading provider of building technical engineering services in the U.K. and Ireland

2014: CBRE voted Fortune’s most admired real estate services company for the fourth consecutive year

2015: CBRE acquired Tax Credit Group to form CBRE Affordable Housing

2007: Company pledges to become carbon-neutral—making CBRE the first commercial real estate services company to announce such a goal

2008: Firm becomes first real estate services company ever included among the Fortune 500

2011: CBRE becomes the first global real estate services company to achieve carbon neutrality

CBRE acquires ING’s investment management business in Europe and Asia

1906

Founded in San Francisco

Company expands both its service portfolio and geographic coverage to become a full-service provider with a growing presence in all major U.S. markets

National accounts program is established

Torto Wheaton Research is acquired— later becomes known as CBRE Econometric Advisors (CBRE-EA)

1970s and 1980s

First global outsourcing client is secured; company moves aggressively to accelerate growth and cultivate global capabilities to meet client demands

CBRE Global Investors is formed as the company’s investment management subsidiary

L.J. Melody & Company is acquired—later becomes known as CBRE Debt & Structured Finance

Acquires leading firms to increase service offerings and becomes first real estate services firm with a platform to deliver global real estate services

1990s

2003: CBRE becomes the largest commercial real estate services leader

2004: Firm completes initial public offering and begins trading its Class A Common Stock on the New York Stock Exchange

2005: Recognized as Fortune 1000 Company, the only commercial real estate firm on the distinguished list

2006: CBRE merges with Trammell Crow Company to create a real estate services firm with unprecedented scale, scope and service offerings

2000s

CBRE now possesses the most comprehensive service offering, broadest geographic reach, sharpest market intelligence and brightest talent in the industry

CBRE TODAY



LEADERSHIP

ROBERT SHEPPARDManaging Director, Vice [email protected]

JEFF ARROWSMITHSenior [email protected] ARMAND TIBERIOVice [email protected] SPENCER HURSTVice [email protected]

INVESTMENT PROPERTIES

JEFF KUNITZExecutive Vice [email protected] TIM FLINTSenior Vice [email protected] DMITRY GOURKINEFirst Vice [email protected]

BRANDON GRISHAMFirst Vice [email protected]

JOHNATHAN SMITHVice [email protected]

BEN BARKERSenior [email protected]

ALEX [email protected]

JOSH [email protected]

MICHAEL [email protected]

ANDREW HEATHERINGTONFinance [email protected]

LENA PANSenior Financial [email protected]

DUSTIN TOYSenior Financial [email protected]

CHRIS VAYSenior Financial [email protected]

JARED CARPENTERFinancial [email protected]

TAYLOR FROLANDFinancial [email protected]

VITALIY GOLUBOVICHFinancial [email protected]

BEN KURZIUSFinancial [email protected]

ALLISON LEANNAHFinancial [email protected]

GENE LEEFinancial [email protected]

LUYANG LIUFinancial [email protected]

JOEL THOMASFinancial [email protected]

KRISTI SCHANDELSenior CM Operations [email protected]

EMMA RUFINSenior CM Operations [email protected]

HEATHER HOLTZClient Services [email protected]

SKYLAR AUDESIRKClient Services [email protected]

SHARASA HENLEYClient Services [email protected]

ALEXANDRA LANGERClient Services [email protected]

KAYLA SHIMClient Services [email protected]

KIM DAMEClient Services [email protected]

LAUREN MARUGGSenior CM Operations [email protected]

ALLISON LANGHOLFFClient Services [email protected]

KIRAN SINGHClient Services [email protected]

VICTORIA SINNEMATransaction [email protected]

PHUONG MIYAMOTOTransaction [email protected]

MATT WILSONTransaction [email protected]

CONTACT INFORMATION

DEBT & STRUCTURED FINANCE

JIM FLINNSenior Vice President of [email protected]

KARU ARULANANDAMChief [email protected]

ALEX PEDERSENDeputy Chief [email protected]

KIMBERLY BORJACapital Markets Operations [email protected]

MICHELLE SCHLIITERSenior Loan [email protected]

JUSTIN [email protected]

TRACY [email protected]

RAVI [email protected]

STEPHEN LANGLead Production [email protected]

ANTJE WOLFSenior Production [email protected]

NIKOLAS IGNJATOVICProduction [email protected]

JAMES HYMANProduction [email protected]

ANDREA FRYESales [email protected]

OPERATIONS

JEREMY ADSITTInformation Technology [email protected]

JUSTIN CHOIApplication [email protected]

MIKE REIDBusiness Analyst (Data)[email protected]

DANIELLE MOLLESenior Marketing Specialist [email protected]

LAURA RICHARDSMarketing [email protected]

JOHN FIORAMONTISenior Research [email protected]

ROSE YOSTSenior CM Operations [email protected]

SVETLANA HANTSEVICHSenior Business Operations [email protected]

LISA HEALOWSenior Business Operations [email protected]

JANE SCHERMERBusiness Operations [email protected]

NANIE MEMEHExecutive [email protected]

NATSUMI OSHIROSenior Administrative [email protected]

ROSA PAEKSenior Administrative [email protected]


© Copyright 2016 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission.

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CBRE AFFORDABLE HOUSING1918 EIGHTH AVENUE, SUITE 3200SEATTLE, WA 98101

+1 206 826 5800

WWW.CBRE.COM/AFFORDABLEHOUSING

affordable · 2019. 10. 1. · cbre affordable housing combines investment sales, advisory,...

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